Note 3 - Net Income (Loss) Per Common Share

9 Months Ended

Nov. 04, 2012

Earnings Per Share [Text Block]

NOTE 3 – NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.  Diluted net income per common share is based on the combined weighted average number of shares outstanding, which includes the assumed exercise, or conversion of options.  In computing diluted net income per common share, the Company has utilized the treasury stock method.  The following table reconciles the difference between basic and diluted earnings per common share:

	Quarter ended November 4, 2012						Quarter ended November 6, 2011
	Net income (Numerator)		Shares (Denominator)		Per Share Amount		Net income (Numerator)			Shares (Denominator)		Per Share Amount
Basic EPS
Income (loss) available to common shareholders	$	125,000		2,934,995	$	0.04	$	(93,000	)		2,934,995	$	(0.03	)
Effect of Dilutive Securities
Weighted Average Stock Options		-		49,699				-			-
Diluted EPS
Income (loss) available to common shareholders	$	125,000		2,984,694	$	0.04	$	(93,000	)		2,934,995	$	(0.03	)

	Thirty-six weeks ended November 4, 2012						Thirty-six weeks ended November 6, 2011
	Net income (Numerator)		Shares (Denominator)		Per Share Amount		Net income (Numerator)			Shares (Denominator)		Per Share Amount
Basic EPS
Income (loss) available to common shareholders	$	370,000		2,934,995	$	0.13	$	(567,000	)		2,934,995	$	(0.19	)
Effect of Dilutive Securities
Weighted Average Stock Options		-		18,299				-			-
Diluted EPS
Income (loss) available to common shareholders	$	370,000		2,953,294	$	0.13	$	(567,000	)		2,934,995	$	(0.19	)